Wednesday, April 20, 2011

Unitech says denial of bail to MD will not affect business

A CBI court earlier on Wednesday rejected bail applications of five business executives, including that of Unitech's managing director Sanjay Chandra, charged in a multi-billion dollar telecoms licensing scandal.

The executives will be held in jail pending the trial over the sale of telecoms licences at below-market prices.

Unitech said in a statement the "development" would not adversely affect its real estate business as it was "with respect" to telecoms business Unitech Wireless.

"Unitech is managed by a competent set of senior experienced professionals and promoters and will continue to pursue its growth plans," Unitech said in a statement.

Chandra is also the chairman of Unitech Wireless.

Earlier on Wednesday, Telenor, which holds a majority stake in Unitech Wireless, said it had requested Chandra to step down as the chairman of the mobile venture, following police charges against him in the telecoms case.


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